FL10.6 Explore the principles of saving money and the importance of a savings mindset.

This Outcome Looks At:

  • Reasons for the short and long-term saving of money.

  • The relationship between saving and investing.

  • Different saving strategies.

  • The advantages and disadvantages of various saving strategies.

  • Appropriate saving strategies based on needs, wants, and goals.

  • How family perspectives, culture, social influences, and personal experiences shape an individual’s attitude towards saving.

  • Savings philosophies.

  • The importance of including an emergency savings fund as part of a financial plan.